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Canadians Gain More Room to Save with 2025 TFSA Limit

  The Tax-Free Savings Account (TFSA) contribution limit for 2025 has been set at $7,000 , giving Canadians another opportunity to grow their investments tax-free. Since its launch in 2009, the TFSA has become one of the most popular savings tools in the country, offering flexibility and tax advantages that appeal to both short-term savers and long-term investors. For those who have never contributed to a TFSA and were eligible since the beginning, the total cumulative contribution room now stands at $102,000 . This allows Canadians to deposit a significant amount into their accounts without worrying about taxes on investment gains, dividends, or withdrawals. One of the TFSA’s biggest advantages is that withdrawals are tax-free and the amount withdrawn is added back to your contribution room the following year . This makes it ideal for saving toward major purchases, retirement, or even emergency funds. Unlike RRSPs, contributions are not tax-deductible, but the growth inside the...
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Canada’s Labour Market Adds 90,000 Jobs in April, Surpassing Predictions

 


In a surprising turn of events, Canada’s labour market exceeded expectations by adding 90,000 jobs in April 2024. This robust growth comes despite earlier predictions of a more modest increase. Economists had anticipated a gain of only 15,000 jobs, but the actual figures far surpassed that estimate.

Here are the key highlights from the latest Labour Force Survey by Statistics Canada:

  1. Employment Growth: The Canadian economy experienced a significant boost, with employment rising by 0.4% in April. This positive trend follows six consecutive monthly declines in employment rates. Core-aged men (25 to 54 years old) and women both contributed to this growth, along with male youth aged 15 to 24.

  2. Part-Time Employment: The surge in employment was primarily driven by part-time jobs, which increased by 50,000 (1.4%) during the same period.

  3. Sector Breakdown: Several sectors saw notable gains. Employment rose in professional, scientific, and technical services (+26,000; +1.3%), accommodation and food services (+24,000; +2.2%), health care and social assistance (+17,000; +0.6%), and natural resources (+7,700; +2.3%). However, utilities experienced a decline (-5,000; -3.1%).

  4. Regional Impact: Ontario, British Columbia, Quebec, and New Brunswick led the way in employment growth. Ontario added 25,000 jobs, while British Columbia saw an increase of 23,000. Quebec and New Brunswick also experienced gains of 19,000 and 7,800 jobs, respectively.

  5. Unemployment Rate: Despite the employment surge, the unemployment rate remained unchanged at 6.1% in April. This stability followed a steady rise over the past year due to high interest rates affecting the economy.

In summary, Canada’s labour market demonstrated resilience and momentum in April, defying earlier projections. The unexpected surge in job creation bodes well for the country’s economic recovery, even amidst challenging circumstances.

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